When selecting fascinating blockchain/crypto projects to comply with, I always comply with my mantra “Deal with projects that bring value to society”. Simple sufficient, proper? Judging by the amount of effort many buyers have spent making an attempt to quantify this, clearly it is a very difficult statement to evaluate. It is a obscure sentence, and can be interpreted many ways. What’s worth and the way can we measure it? This might be an article in and of itself, however I like to simply define a worth adding product or project as something that solves a problem for society.
In my inaugural medium post I want to discuss one in all my favorite projects, Quantstamp. I’ve been an active community member and token holder since shortly after their ICO, so therefore loads of this publish will simply be compiled info from their whitepaper, website, blogposts, and AMA’s together with my evaluation and opinion. I’ll attempt to keep this article as non-technical as attainable, but it surely does assume you may have no less than slightly background information of the blockchain space.
Why Quantstamp? Compared to some of my other favorites, Quantstamp isn’t mentioned much in the community and when it’s, there are numerous questions and FUD. In this put up I’ll discuss: a quick history of relevant occasions, problems with smart contracts, proposed options from Quantstamp, the worth mannequin of the QSP token, Quantstamp’s business strategy, and eventually criticism the crew has received. The aim of this article is to present an outline of Quantstamp and demonstrate why I think it’s a sleeping big in a space where safety is more essential than ever.
One of many first main smart contract hacks happenred in 2016; the notorious “DAO Hack”. There are quite a lot of great articles describing this hack, (see here for an instance), so I won’t go into element here. This was the event that may motivate Quantstamp co-founders Richard Ma and Steven Stewart to start creating multiple decentralized protocols to help safe smart contracts on a blockchain. Richard himself lost money within the hack, making it a really personal sore spot in his crypto experience. Presenting at Hong Kong Blockchain week in March 2019, Richard Ma reported that there was an estimated $334 million dollars price of smart contract hacks to that date.
For the reason that DAO hack, the event has consistently been used as an argument in opposition to the usefulness of smart contracts; from bitcoin “maximalists” to blockchain skeptics. However no system is totally secure and flawless; not smart contracts, centralized applications, bitcoin, or probably the most sturdy cryptography. We just make trade-offs by altering completely different parameters while hopefully decreasing the magnitude of these trade-offs as technology evolves. It then stands to reason that we should always capable of increasing the safety of smart contracts while working to minimize the impact to decentralization. Enter Quantstamp.
The more decentralized auditing protocol will permit users to simply submit code, or a contract’s address, pay in QSP tokens (with price set by the audit nodes), and have a scan accomplished by as many audit nodes as desired. The outcomes of this scan can then be stored within the blockchain as bytecode for anyone to substantiate, or kept private to the team. The important thing here is that the audit is completed in a decentralized manner, and the code will be submitted by anyone (given the code is open sourced to the general public). The staff can also be working extensively on making the UI/UX intuitive and simple for anybody to use and interpret; the significance of this can’t be understated.
I think an necessary result of this is that any regular user can use this protocol to easily check if a smart contract is secure as an initial check. For instance, Bob isn’t a super technical programmer, and is utilizing a dapp for the first time. Maybe the dapp is from someone who arrange a simple shop on the Ethereum blockchain, and the code is open sourced. Bob can then receive that code, or submit its contract address, to see if the scan leads to a whole lot of red flags. If that’s the case, it would be better to attend till the issues are addressed. If there aren’t numerous red flags, Bob feels a bit safer and has completed just one a part of the whole due diligence process to verify the contract is safe.
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